Realty
Realty - National
from 1,406 today
We maintain BUY on ABREL and TP of Rs1,750, based on 6x EV/embedded EBITDA, at 26% premium to the NAV. We believe ABREL is entering a strong business development phase, although the improvement in pre-sales is likely to be visible only from FY28E.
Aditya Birla Real Estate reported tepid 1Q performance in line with expectations, but new project additions in MMR and the completion of the paper division sale improve growth visibility and strengthen the balance sheet.
Backed by steady sales, strong collections, a healthy pipeline, and upcoming deleveraging, we maintain our BUY rating with an upgraded target price of INR1,755/share.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
